【作者】 万水林；

【导师】 张耀辉；

【作者基本信息】 汕头大学 ， 产业经济学， 2004， 硕士

【摘要】 在SCP分析范式中，寡头企业的竞争行为取决于市场结构，在芝加哥学派理论中，寡头企业的竞争行为取决于外部竞争压力。但实际上，寡头企业能够在竞争中胜中往往是因为其财务状况，企业的债权融资行为改变了产品市场的竞争状况，也就是资本结构可以影响市场竞争，从而可以影响市场绩效，那么追求股东价值最大化的企业应该如何进行最优资本结构决策?在Brander和Lewis(1986)“有限责任效应”理论的模型基础上，本文建立了一个两步双寡头博弈模型，细致地考察了产品市场需求不确定条件下债务融资的战略作用，以及产品市场竞争的激烈程度、需求的不确定性等因素对企业融资行为的影响。这一模型指出企业提高财务杠杆导致了产出的增加，但很多实证研究却难以支持这一结论。因此，本文对模型进行了修正，考察了供应商外部规模经济和财务危机的间接成本对融资行为的影响。本文分析在上游企业外部规模效应较强的情况下，企业债务融资战略效应为负的理由，证明了上游企业外部规模经济效应较小是企业债务融资战略的重要条件。企业的融资行为还深受财务危机成本大小的影响，其中企业规模、产业集中度、产品专用性、R&D支出和行业前景是决定财务危机成本大小的关键变量，以财务危机成本为依据进行决策，企业会自我限制债务水平。 通过对我国上市公司的实证研究发现：区域垄断、收益相对稳定的公用事业资产负债率反而低于竞争激烈、收益风险大的行业，财务杠杆比例与行业竞争结构及收益风险特征不相关，这与西方的公司财务理论相违背，说明我国股票市场资本的风险配置低效。论文最后对我国企业如何进行战略融资发表了意见，提出最优的资本结构决策不仅要考虑资本市场条件及企业自身的财务状况，还必须从产品市场竞争状况去考虑，这对我国企业融资决策有重要意义。更多还原

【Abstract】 On the basis of the SCP paradigm, the competitive behavior of oligopoly firms is determined by the market structure, but based on Chicago school theory, the external competitive pressure determines their competitive behavior. In fact, it is because of its financial condition that those oligopoly firms win, and their debt financing behavior changes the competition condition of product market, that is to say, capital structure can affect product market competition as well as market performance. Then, how do the firms in pursuit of share-holder value maximization make decision of optimized capital structure? Based on Brander and Lewis’s model "limited liability effect" in 1986, this paper establishes a two-step duo-oligopoly game model, by which the strategic effect of debt financing under the uncertain product market demand is particularly reviewed, as well as the impact of product market competition, uncertain product demand etc. on firms’ financing behavior. The model indicates that firm will enhance its production raising its financial leverage, but many a positive study didn’t get to this point. The paper amends this model, and studies the impact on financing behavior of suppliers’ external economy of scale and indirect cost of financial distress. This paper analyzes the negative effect of debt financing strategy under the condition that upstream firms’ external economies of scale is powerful, indicates that it is the key factor of debt financing that external economies of scale is weak, and further deduces that debt financing wave will be drown forth with the existence of external economies of scale. Firm’s financing behavior will also be impacted by financial distress cost, whose cost is determined by firm size, industry concentration, product specialization, R&D expenditure and industry prospect. So, firm will restrain its leverage by its own when making allowance of the indirect cost of financial distress.Through the positive studies to China’s listed companies, the asset liability rate of public enterprises, which have regional monopoly power and stable revenue, is lower than those competitive industries that have great uncertain revenue. This is inconsistent to Western corporate finance theory, which indicates that the capital risk relocation efficiency of China’s stock market is very low. At the end of the paper, the author expatriates how to finance strategically for China’s firms, and puts forward that capital market condition and firms’ own financial status as well as product market competition should be considered for capital structure decision-making, which is significant to the financing decision-making of China’s firms.更多还原